ETHBTC Could Break Major Resistance. Time to Plan!

Ethereum is currently facing a major resistance level which is serving as a neckline for the ETHBTC pair!
IF Ethereum were to break the neckline at .0225 satoshi it would further confirm an Inverse Head and Shoulders pattern that appears to be forming.

Support Analysis:

• Based on the Gods Envelope Cloud, ETHBTC has successful performed a trend change on the daily at .0209 sats. The last trend change took place April 19 of this year at .0318 sats.
  
• ETHBTC was previously showing momentum divergence below .0204 which we have successfully broke above. I plan to use this level as my stop/loss if this were to play out.
  

Non-Supporting Analysis:

• Though Gods Envelope is showing a trend change, ETHBTC has been extremely bearish for the last 2 years. We must not get too bullish until a bottom pattern has formed, confirmed itself, and major trend lines have been broken.
  
• Neckline has yet to be broken.
  
• Volume has failed to increase with rising price
  
• A major downward TL sits just above the neckline which will likely act as resistance.
  

My Plan:
After Confirmation
Ideal Entry: 0.0221
Target 1: 0.0261 (16%)
Target 2: 0.0291 (30%)
Stop/Loss: 0.0205 (7.2%)

Though there seems to be more non-supporting details, the plan is in place for if and when the opportunity arises.

I wish you all the best of luck and hope you enjoyed this analysis!

DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.

עסקה פעילה:

Entry 0.0222 sats